NHI reports first quarter gains of 15%.MURFREESBORO Murfreesboro (mûr`frēzbûr'ə), city (1990 pop. 44,922), seat of Rutherford co., central Tenn., on Stones River; inc. 1817. It is the processing center of a dairy, livestock, and farm area. , Tenn.--(BUSINESS WIRE)--April 21, 1997--National Health Investors Inc. (NYSE NYSE See: New York Stock Exchange : NHI NHI abbr. National Health Insurance and NHIPr), one of the nation's largest health care real estate investment trusts, announced net income for the first quarter ended March 31 increased 15% to $17,942,000 compared to $15,638,000 for the same quarter last year. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share net income rose 6% to 71 cents up from 67 cents in 1996. First quarter fully diluted funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. per share increased 7% to 78 cents up from 73 cents in 1996. Revenues for the first quarter ended March 31 were $26,445,000, a 13% increase over $23,344,000 in 1996. Highlights of the quarter include NHI receiving its second investment grade rating and the investment of $16,925,000 net in income producing mortgages and real estate properties. "NHI now has an investment grade rating from Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. and Duff & Phelps Phelps may refer to: In places in the US:
Andy Adams was born in Indiana. His parents, Andrew and Elizabeth (Elliott) Adams, were pioneers. As a boy he helped with the cattle and horses on the family farm. said. "Receiving a second investment grade rating allows NHI to borrow at lower interest rate spreads." National Health Investors Inc., is one of the nation's largest health care real estate investment trusts, with assets exceeding $760 million. NHI specializes in the purchase and leaseback A transaction whereby land is sold and subsequently rented by the seller from the purchaser who is the new owner. of health care real estate and in making mortgage loans to health care operators. The common and preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of the company trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. with the symbols NHI and NHIPr, respectively. NHI has over $755 million in investments in 251 health care facilities located in 26 states and a fully diluted market valuation in excess of $1 billion. -0-
National Health Investors Inc.
Condensed Statements of Income
(in thousands, except share or per share amounts)
Three Months Ended
March 31,
1997 1996
Revenues:
Mortgage interest income $16,142 $14,656
Rental income 9,796 8,075
Investment interest and other income 507 613
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$26,445 $23,344
Expenses:
Interest 5,430 5,038
Depreciation of real estate 1,929 1,533
Amortization of loan and organization costs 199 276
Other operating 945 859
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8,503 7,706
Net Income $17,942 $15,638
Dividends to preferred stockholders 524 980
Net income applicable to common stock $17,418 $14,658
Net income per common share:
Primary $ .73 $ .70
Fully diluted $ .71 $ .67
Funds from operations
Primary $19,347 $16,191
Fully diluted $22,083 $19,636
Funds from operations per share
Primary $ .81 $ .78
Fully diluted $ .78 $ .73
Weighted average common shares outstanding
Primary 24,009,830 20,852,460
Fully diluted 28,492,973 26,931,633
Common dividends declared $ .74 $ .70
Balance Sheet Data
(in thousands)
March 31, Dec. 31,
1997 1996
Real estate properties, net $182,429 $184,255
Mortgages receivable 536,235 519,229
REMIC receivables 36,378 36,562
Long-term debt and credit facilities 174,087 219,008
Convertible debt 129,058 90,735
Stockholders' equity 431,731 409,683
CONTACT: National Health Investors Inc., Murfreesboro Liz Massa Massa, in the Bible Massa (măs`ə), in the Bible, seventh son of Ishmael. Massa, city, Italy Massa (mäs`ä), city (1991 pop. 66,737), capital of Massa-Carrara prov. , 615/890-9100 |
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